Where, oh where are these coming from? 1939 Rev. of 1940 Cameo Jefferson proofs! Est. mintage: 1000
leothelyon
Posts: 8,542 ✭✭✭✭✭
Three out of four certified cameo proofs of this type proof date have surfaced in the last 9 months. The latest sold this past Sunday for over $10,000! To understand this date, sometime in 1939 the US Mint improved the steps on the Monticello building to the reverse side of the newly designed nickel after only the second year of the production of the Jefferson nickel after the Buffalo nickel was discontinued in 1938. The only other date of the Jefferson nickels with a lower mintage aside from varieties is the 1940 proof with the Rev. of 1938 steps with an est. mintage of 900! Only 42 coins of this rare date proof have surfaced over a period of 12 years with only one certified cameo in the year 2020. All the above info. comes from what past sales that have occurred with the Great Collections sales of these two proof dates.
Leo
Comments
Obviously some long term collector of Jefferson Nickel varieties sold his collection.
I was watching that lot. $14k is a little out of my price range, hell of a coin!
@FlyingAl has an insightful writeup on cameo coins of 1936-42
Collector, occasional seller
Stone cold DCAM for the type, definitely undergraded.
Coin Photography
Although I don’t see others state it the way I do, I think your contention is that the coin is under-designated, not under-graded.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Ill take mine(pretty close) without the designation for the money.....
Mine has mildly contrasted devices against the fields as well. I have only a few noted cameos from the 1950's to compare it to. In all my limited journeys searching for the early frosted proofs, 1938 to 1942, I just wasn't subjected with a quantity of examples to pick from. You/I really needed to see these early Jeff proof coins in hand before buying to ensure the quality met your standards! But there were times the search grew tiresome and selections became formidable choices hoping for a someday upgrade which is still going on. It's great to see the attention and values these early proofs are garnishing!
If only it had similar contrast as my 1942 proof.
Leo
I should add that there is another cameo example out there of the that I returned because I couldn't get pass the carbon spot inside one of the letters on the EPU. Sometimes I kick myself for not keeping it, thinking at the time another will eventually show up. But I also had to stick to my guns, my dislike for carbon spots. Didn't want to get stuck with an unsaleable coin. but there is another cameo example out there. Come to think of it, it was a Rev. of 1938.
The more qualities observed in a coin, the more desirable that coin becomes!
My Jefferson Nickel Collection
...and probably hoarded over a long period of time... and I suspect this collector or heirs or a dealer who bought them is now slowly feeding them into the market.
Sold for $10,181! Well above the $5750 showing in the price guide. What's the equation? 10,181 minus 5750 divide by 2 and then add that to the old value. The new value should jump to $7,965.50 for a PF67 Cameo 1939 Rev. of 1940 Jefferson nickel proof coin.
Leo
The more qualities observed in a coin, the more desirable that coin becomes!
My Jefferson Nickel Collection
900 isn't really that low of a number for a proof coin, assuming that's accurate. It's also a die variety which has current perception because it's in reference guides and registry sets. It's only low in comparison to the larger or astronomical mintages for US proofs mostly since 1936. Many proofs of non-US coinage still don't have mintages that much larger even now, and these aren't obscure countries or die varieties either.
I am also questioning the 'mintage' number posted.
12,535 proof 1939 Jeffersons
PCGS estimate of CAM rev of 40 grading 65 or better -> 40
https://pcgs.com/coinfacts/coin/1939-5c-reverse-1940-cam/38532
This PF68 example of the same date and type went for more, $12,937.50 just this last February than the resent PF67 cameo sale for $10,181. I think that I would value the cameo higher than monster toning....even in a PF66 Cameo grade with a shot as deep cameo...... There are a ton of wildly toned coins out there. I know since I have quite a few myself. But an early dated seldom seen 1930's proof cameo...... is a no-brainer which should be valued higher......IMO!
Leo
The more qualities observed in a coin, the more desirable that coin becomes!
My Jefferson Nickel Collection
Clicked on the link but I haven't had my third cup of coffee yet and its decaf.....so they're saying there's another 35 cameos' yet to be graded as cameos? There are 0 graded cameos with the Reverse of 1938 steps out of 12,525 mintage of proofs minus the 1000 estimated for the Reverse of 1940 proofs. Personally, I don't know or remember how those lower numbers were derived from but that I was given reasonable explanations for them. But it's possible the way the number has grown in just the last 9 months!
Leo
The more qualities observed in a coin, the more desirable that coin becomes!
My Jefferson Nickel Collection